Cadwalader sees partners’ profits fall 30%

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Profit per partner at the blue-chip Wall Street firm fell below $2m as it struggled because of a decline in finance work

Cadwalader, Wickersham & Taft, one of Wall Street’s most prestigious law firms, saw profit per equity partner fall by almost a third last year.

A slump in the firm’s finance and capital markets practices as a result of the credit crunch led to a fall in PEP from $2.7 million (£1.8 million) in 2007 to $1.8 million (£1.2 million) last year, according to The American Lawyer, a trade publication.

Revenue also fell, from $587 million (£402 million) to $506 million (£346 million), a drop of 14 per cent, the magazine reported.